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BLACKSBURG — Fed up with losing more than $2 for every $1 it takes in, the Bush administration wants federal crop insurance for fanners — including Virginia’s 45,000 agricultural producers — cut from the national budget.
“This is simply a case of cutting costs, said Jim Pease, Extension agricultural economist at Virginia Tech. “The administration doesn’t want the financial burderrSnymore. ”
In 1988, the Federal Crop Insure ance Corporation paid out $2.42 for each $1 in premium; it collected, according to J. Paxton Marshall, also an Extension agricultural economist at Tech. The total amount of indemnites paid was approximately $1 billion.
Federal crop insurance covers losses due to drought, excessive moisture, hail and other such natural
90.4%